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Online EMI Calculator - Free Loan EMI Calculation Tool | Solvezi
Online EMI Calculator - Free Loan EMI Calculation Tool | Solvezi
Calculate your Equated Monthly Installment (EMI) for home loans, personal loans, and car loans with detailed breakdowns and charts.
Net Loan Amount (Amortized):
₹18,30,000
(Loan Value - Down Payment + Fees + Insurance)
Total Interest as a percentage of Principal: 0%
If Rate Increases by 0.5%
Total Interest: ₹64,99,095
Change: ₹64,99,095
If Rate Decreases by 0.5%
Total Interest: ₹56,28,431
Change: ₹56,28,431
The chart compares the total interest for different tenure options at the current rate (8.5%) using the Reducing Balance method with monthly payments.
Enter valid loan details to see the schedule.
An Equated Monthly Installment (EMI) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. EMI is used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full. Understanding your EMI is crucial for financial planning—it helps you budget effectively and avoid over-leveraging.
Our EMI calculator provides precise calculations for various loan types—home loans, car loans, personal loans, and education loans. It supports multiple currencies, different interest calculation methods (reducing balance vs. flat rate), and various repayment frequencies (monthly, bi-weekly, weekly). This comprehensive tool gives you complete visibility into your loan repayment journey.
What makes our calculator unique is its global compliance—it respects country-specific compounding rules. For example, Canadian loans use semi-annual compounding by law, while most other countries use monthly compounding. The calculator also includes realistic factors like processing fees, insurance charges, and down payments, giving you a true picture of your financial commitment.
Beyond basic EMI calculation, this tool provides deep insights: amortization schedules, interest impact analysis, total cost breakdowns, and downloadable CSV reports. Whether you're a first-time homebuyer, a student planning education financing, or someone considering a personal loan, this calculator empowers you to make informed financial decisions.
The standard EMI formula for reducing balance interest is:
Where:
For flat rate interest: EMI = (Principal + Total Interest) ÷ Total Payments
🏠 Principal Amount
The actual loan amount borrowed, minus down payment but plus fees
📈 Interest Rate
Cost of borrowing, expressed as annual percentage
⏱️ Loan Tenure
Repayment period in years/months. Longer tenure = lower EMI but higher total interest
💸 Down Payment
Initial payment that reduces loan amount and EMI burden
Pro Tip: Always prefer reducing balance loans. A 10% flat rate is equivalent to approximately 18-20% reducing balance rate!
Monthly (12 payments/year)
Standard for most loans
Bi-Weekly (26 payments/year)
Effectively 13 monthly payments annually
Weekly (52 payments/year)
52 payments = 13 monthly payments
💡 Insight: More frequent payments (bi-weekly/weekly) can reduce total interest paid by 10-15% over the loan term due to faster principal reduction.
Semi-annual compounding by law for most loans
Monthly compounding standard for consumer loans
Monthly compounding, Islamic finance options available
Monthly compounding, variable rates common
Our calculator automatically applies the correct compounding frequency based on selected currency.
An amortization schedule shows how each payment is split between principal and interest:
Small rate changes have massive long-term effects:
"On a ₹50 lakh home loan at 8.5% for 20 years, a 0.5% rate increase adds ₹3.2 lakh in total interest. That's why rate negotiation matters!"
Our calculator shows exact interest impact for ±0.5% rate changes, helping you understand the true cost of interest rate fluctuations.
Note: Tax laws vary by country. Consult a tax professional for your specific situation.
Reducing balance calculates interest on the outstanding principal each period, making it cheaper. Flat rate calculates interest on the full principal for the entire tenure, resulting in higher effective interest rates.
Processing fees are usually added to the loan principal, increasing the amount you're borrowing. A 1% processing fee on ₹50 lakh adds ₹50,000 to your loan amount.
Longer tenure reduces monthly EMI but increases total interest paid. A 20-year vs 30-year home loan can have 40-50% more total interest. Balance affordability with total cost.
Typically 10-20% for home loans, 15-30% for car loans. Higher down payments reduce EMI burden and total interest. Many lenders offer better rates for larger down payments.
Most loans allow prepayment, but some have prepayment charges (1-2% of outstanding). Home loans in India often have no prepayment charges for floating rates.
Financial experts recommend keeping total EMI below 40% of monthly income. For home loans specifically, EMI should ideally be 25-30% of monthly take-home pay.
💎 Smart Borrowing Tip: Always calculate the total interest payable, not just the EMI. A lower EMI with longer tenure might seem attractive, but could cost you lakhs more in total interest!